There is a rumor going around X that $IREN hands Horizon 1 over to $MSFT on July 19. Nothing official behind it that I can find, and July 19 is a Sunday. Still, I hope it happens. A confirmed handoff is the kind of catalyst that takes this back over $40. If the date passes and nothing drops, that is not a delay either. Guidance is Q3 handoff and Q3 is long. Runs through September. And when it happens, it will not be quiet. $IREN publishes monthly updates and they PR everything material. Worst case we hear it on the earnings call. I would not be surprised if the next call already has some revenue or payment color from $MSFT , similar to how $APLD started showing $CRWV money on their calls once the first building was handed over. The math is why I care. Horizon 1 is the first 50MW of the 200MW Microsoft deal, about $1.94 billion a year once all four are live. Rough math, one Horizon is close to $485 million annualized. $IREN did $144.8 million in total revenue last quarter. One handoff changes the whole revenue picture. I do not expect Texas to have those NY kinds of delays. But this is still construction and real estate. You can do everything right and still lose weeks. So I keep expectations low. Sooner or later it gets delivered, and nothing about my thesis changes while I wait. Not selling either way. Sentiment: neutral on the rumor, bullish on the milestone. Anyone else watching the 19th? It’s not a sprint, it’s a marathon. No hate comments 🙏 enjoy the weekend and these trenches.